Corporate cash shortfalls and external financing: US vs Japan

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-14 DOI:10.1016/j.frl.2024.106472

Huan Chen, Xin Liu, Quoc Phan, Steven Xiaofan Zheng

引用次数: 0

Abstract

Consistent with the funding-horizon theory, we find that cash shortfalls are important determinants of external financing in both the US and Japan. Japanese firms seem less likely to raise external financing compared with US firms. However, after we control for cash shortfalls and other factors known to affect external financing decisions, Japanese firms are as likely to issue debt and equity as US firms.

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企业现金短缺与外部融资：美国与日本

我们发现，在美国和日本，现金短缺是外部融资的重要决定因素。与美国公司相比，日本公司似乎不太可能进行外部融资。然而，在我们控制了现金短缺和其他已知会影响外部融资决策的因素后，日本公司与美国公司一样有可能发行债务和股票。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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